Competition clause of Nykredit's buy of Sparinvest was not vetted by authorities

A clause binding Sparinvest's banks to Nykredit for five years was not checked by authorities in connection with the deal.

When a large number of Danish banks sold the majority of fund provider Sparinvest to Nykredit last year, they committed themselves to selling Sparinvest products to customers for the next five years, if these products were as good as their competitors'. This clause has been criticized, and business daily Finans now reports that the competition authorities did not thoroughly examine it in connection with the deal.

"In this concrete case, we made people aware that the clause was a bit longer than what we tend to see in connection with business purchases, and that Nykredit should have got it analyzed separately by the competition and consumer authorities," says Søren Bo Rasmussen, who is responsible for mergers at the Danish Competition and Consumer Agency, to Finans.

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